Transform Customer Experience In The Financial Services Industry With CM.com

Today the financial services experience happens across many touchpoints and communication channels. Clients can submit insurance claims on any device. They can apply for loans and vehicle finance without stepping into a branch. And even for complex services such as wealth management, clients can manage their portfolios and speak with advisors from anywhere in the world.

This article explores how the financial services industry experience is being reimagined with digital communications. You will learn how to create positive experiences, improve operational efficiencies, and build long term relationships with your clients

AI Is Providing Automated and Intelligent Experiences Across Financial Services.  

Many financial institutions are moving towards an API-based communications approach that allows them to customise and personalise consumer experience on a large scale. Combined with vast amounts of customer data, interactions can be programmed in any way imaginable using communications APIs—to deliver the right information to the right person at precisely the right moment.

How can financial services companies maintain and attract clients with personalised service while balancing security, all while operating in a highly regulated environment? 

Build Personalised Solutions And Future-Proof Customer Relationships

Providing an exceptional client experience is critical for any organisation. Clients have hundreds of alternatives when it comes to choosing who will look after their money, and institutions compete for customers by providing cheaper costs, bigger returns, and new digital services.

From onboarding and applications to time-sensitive notifications and customer assistance, you can now digitise your clients' complete banking experience. But how? Here are just a few examples.

Digitalise contract signing: Using digital signatures, enables quick and seamless onboarding whilst keeping documents secure. 

Engage on the channel of choice: Clients want to be able to engage with brands via the channels which are most convenient for them. Similarly, it’s important to communicate with your clients through multiple channels, by utilising all the tools you can to communicate with, inform, educate, resolve issues or promote new products or services. 

Scale Your Conversations Using Powerful AI Chatbots And Voicebots To Enhance Customer Experience.

When clients miss a loan payment or their bank account is running low, a bank would generally send a notification - your loan payment is late.

Rather than delivering a one-way "your loan payment is late" message, banks may employ Chatbots and Voicebots to send notifications that are more personal and find out when the client might be able to pay, determine whether the missed payment is part of a larger problem, and even put up a repayment schedule.

Enable clients to check balances using messaging channels

Clients who need simple banking enquiries, such as checking their balance or seeing if a bill has been paid, will often use their mobile app or log in on a computer to do so. Allowing a chatbot on their chosen channel, such as WhatsApp, makes it easier for clients to get quick answers to basic banking questions. Clients may now obtain an answer in a matter of seconds.

Get personalised finance advice

Showing customers monthly spending trends and working with clients in meeting personal financial objectives are two examples of how you may engage your clients with relevant information. Many banking apps now include spending information inside users' dashboards to help them manage their money, but these insights are only available if you log in. 

Banks may use messaging channels such as WhatsApp (provided they have a valid opt-in to do so) to develop stronger relationships with consumers by providing real-time updates on how they're doing with their spending ("Katlego, you've spent 80% of your January dining-out budget!").

Use Mobile Marketing Cloud to personalised promotional messages

The marketing automation features inside Mobile Marketing Cloud, allows you to send clients personalised offers based on their previous actions. You may, for example, offer a specific model of savings account to clients who have previously established checking accounts, particularly those who have had their balances drop dangerously low and could benefit from overdraft protection.

Alternatively, send out promotional messages to clients who have added new family members to their insurance policy.

Whether you're specialising in banking, insurance, or asset management, it's all about offering a unique client experience that feels personalised and easy. Digital technology can take care of more of the "hard lifting," allowing employees to focus on more complicated and value-added tasks. This change may not always be easy, but we anticipate companies to pay greater attention to how people and digital might work together more efficiently in the future.